Forming an Attractive Offer for a Victoria Home

March 12, 2022

Developing and deciding on a competitive offer on a home is essential to have a good shot at procuring real estate. With Brad MacLaren, the best realtor in Victoria BC, clients are sure to be prepared for presenting a favorable price and terms. As Mr. MacLaren knows, there are a few key steps taken in order to figure out the appropriate plan of action. The below advice will help you with forming an attractive offer for a Victoria home.

Forming an Attractive Offer for a Victoria Home

 

Determining Reasonable Price

Settling on one appropriate sum to offer home sellers is a bit of a challenge. As mentioned, knowing how long a house has been up for sale and how long the current owners have held the real estate is important. This allows prospective buyers to feel how eager and willing sellers are to accept offers. Usually, a home on the market for a reasonable time allows for more open negotiation between parties. For real estate recently put on the market, owners are often more strict about their desired asking price, willing to wait it out and see if higher offers arrive. 

 

Asking questions at open houses, contacting listing agents, and taking advantage of realtor investigative expertise are all integral ways of understanding sellers’ intentions and the state of the local market. Both factors are essential to draw up a good offer. By communicating openly with one’s realtor, interested buyers can get a feel for sold prices of comparable real estate, as well as the inclination of an area’s market toward either buyer or seller advantage. All aforementioned aspects help inform interested purchasers as to appropriate price offer estimation.

 

Appropriate Contingencies

Contingencies are essentially written protections for potential buyers, including a formal offer. If interested parties decide to withdraw the offer, their earnest money deposit to the sellers is not lost, and there are no legal ramifications. The five basic categories of contingencies are:

 

  • Appraisal, allowing for offer withdrawal of the home if the value is appraised as less than expected
  • Inspection, giving potential buyers the right to renegotiate or withdraw if serious issues are found in the house
  • Loan Financing, allowing backing out if the mortgage is not approved
  • Personal Home Sale, stipulating that interested parties will buy the property only after their own home on the market is sold.
  • Title, allowing for a way out if issues with the title arise

 

Interested parties need to keep in mind that being conservative with contingencies typically makes an offer much more competitive, as fewer limiting terms mean less risk for sellers. After the fact, some contingency stipulations can be waived in order to make the offer more attractive, although expert advice is strongly recommended when considering this move. 

 

Writing the Offer

Typically the actual drafting of the initial paper offer is handled by one’s realtor. The buyers must thoroughly read through and sign their agreement, though. Depending on the local area, some regulations may require compliance, something also best handled by professionals at the buyers’ side. As long as all necessary details are covered in the contract, like any contingencies, the response deadline, and listed closing costs and fees, buyers are good to deliver their offer and await negotiations, if applicable.

 

Forming an Attractive Offer for a Victoria Home

 For exceptional support during your home search and purchase, including invaluable advice creating valuable offers, Contact Brad MacLaren, the top realtor in Victoria, BC, today.

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